The only one that fits all the evidence, all the statements from the club, the accounts we publish every year.
There is money at Arsenal. Never as much as spent by the Chelsea's and Man City's of the league, but never so little as to get in the way of Wenger doing his job. Because of the way things panned out when Roman bought Chelsea, we've taken a certain path, and the manager has a huge amount invested emotionally into the way he runs this team (that shouldn't be controversial). He wants to follow this direction as far as he can, always looking for organic growth before external.
I also think he has a certain moral objection to the sums of money being spent in the game now, and very, very firm ideas about how much anything or anyone should cost. Again, pretty much all of this more or less comes from the man's own mouth- I don't need to speculate much to come to these conclusions.
